Renewal replacement policies for one unit systems |
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Authors: | Mynt Zijlstra |
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Institution: | Centre for Quantitative Methods, N.V. Philips, Eindhoven, Netherlands |
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Abstract: | A simple and unifying presentation of a class of renewal replacement policies is given, to which all well-known policies belong. The introduced expected cost rate function turns out to be a helpful tool when deriving the objective function. Due to it the objective function can be expressed in a basic form from which characteristics common to the different policies can be easily identified.Furthermore an economic interpretation may be given to several results. |
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